Newly-appointed Chairman of the National Oil Company, Emmanuel Katongole, stresses a point at the conference. (Photo: Beatrice Ongode)

In a complete turnaround to what he promised the mining industry last year, President Yoweri Museveni yesterday told delegates at the just concluded Mineral Wealth Conference in Kampala that government would not give any tax subsidies to investors in the mining sector because he had been advised against it by the Uganda Revenue Authority (URA). Read More

With Uganda’s oil industry steadily progressing towards the development and production stages, companies are setting up shop in Hoima district hoping to get a slice of the tens of trillions of shillings that will be sunk into the oil-rich district in the next few years. Read More

CNOOC has been transporting most of its equipment to the Kingfisher area using this jetty on Lake Albert, a much more costlier option.

Residents of Kyangwali sub-county in Hoima district are thrilled at what may be the single most important benefit they will ever get from oil: a new road that will link them to the Lake Albert shores in the oil-rich Buhuka parish, saving them from a torturous back-breaking escarpment. Read More

A map showing Exploration areas (EA) 1, 2 and 3. Two thirds of this acreage was sold to CNOOC and Total in 2012 in a deal worth $ 2.9 billion. URA demanded Capital Gains Tax from the transaction, but Tullow objected, arguing that the agreements the company had signed with government exempted it from the tax.

Tullow Oil has revealed it will challenge yesterday’s ruling by the Uganda Tax Appeals Tribunal ordering the company to pay 407 million dollars in accumulated Capital Gains Tax resulting from the sale of its oil blocks to China National Offshore Oil Corporation (CNOOC) and Total in 2012. Read More